TSB has moved into Spanish hands after its board accepted a £1.7 billion takeover bid from Banco de Sabadell.
The two companies have struck a deal which values TSB, which has 185 of its 631 branches in Scotland, at 340p per share.
It marks a premium on the 260p per share at which TSB shares made their stock market debut when the bank was floated by Lloyds Banking Group in June.
Sabadell has agreed to acquire a 9.99 per cent stake in TSB from Lloyds, which has also agreed to sell its remaining 40.01 per cent stake in TSB to the Spanish banks.
Sabadell acquired Lloyds Spanish banking business in 2013.
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